$2.29 a Gallon!!

[PSP]

Originally Posted by FIG

You guys are lucky!

We pay AUS$1.30 per litre = US$1.73 per litre (.75c exchange rate)

Therefore: (x 3.785 to get Gallons)

= US$6.56 PER GALLON!!!!!!

You got the exchange rate backwards.

AU$1=$0.75US or US$1=AU$1.33 , so

AU$1.30 = US$0.975 per liter

3.785 liters * US$0.975 = US$3.69 per gallon

(a little more than California, but in the same ballpark)

[sooner]

I agree with longislander1.

[dfresh713]

The whitehouse doesnt play that much of a large roll in lowering gas prices. Its a thing called supply and demand. India and China have more cars rolling and are using up more gasoline, thus more demand means where going to pay more money. It is the fall, people are not driving as much as the summer, houses arent using much oil yet so the prices will be lower the next month, and will moderatly shoot back up by mid to late october. The whitehouse did everything to lower gas prices, but with the democrats not letting the U.S. build another oil refinery or tap into the oil fields of alaska there is less oil in the world thus a higher price we pay.

[longislander1]

Originally Posted by Brucelee

PS-Since you believe this whole deal is a vast conspiracy, I will ask you the key question here.

HOW MUCH SHOULD GAS COST and how do you know that?


.

Let me ask you some questions. Should gas cost $2.79 a gallon where I live, less than 50 miles from the nearest refineries, while the national average is $2.50? I'm sure that's just "market demand." Should America give away oil leases for free, resulting in losses of about $10 billion a year to the taxpayers? Do you really believe that oil companies, already awash in government incentives as well as profits, can't get a refinery approved with (no mistake here) Dick Cheney leading our country? Is it an accident that so little money is invested in alternative fuels in the U.S.? Why is the White House afraid to tell us who met with Cheney in formulating government energy policy?

What you'll see is more saber-rattling against Iran right after the November elections. Crude prices will rise sharply and so will prices at the pump. If the Republicans win both houses, they'll blame it on "market demand." If the Democrats win (we can only hope), the Republicans will try to make it their mess. Rove's probably working on it right now.

[MNBoxster]

Originally Posted by longislander1

... If the Republicans win both houses, they'll blame it on "market demand." If the Democrats win (we can only hope), the Republicans will try to make it their mess...

Hi,

WAKE UP! What we need is an alternative to both of them - 2 sides of the same coin! Reagan once a Democrat, Hillary once a Young Republican, Robert Byrd - former Ku Klux Clan member, Randy Cunningham, former Medal of Honor winner now jailed for corruption. We need Term Limits and a return to the Citizen-Statesman, no more making an entire career feeding at the Public Trough! It's the seasoned professional politicians who got us in this mess! And all but a very few have absolutely no knowledge of what it takes to meet a payroll.

So far as Gasoline prices, blame the commodities market, pure and simple. Gasoline prices are set by the price of Gas futures contracts and these are driven mostly by speculation based on confidence, nothing more. Confidence in the geo-political scene, confidence in future demand and availability. You can seize the Saudi Oil Fields, build 30 new refineries, elect whichever party you choose, and the price will still be set on the commodities exchange. That's how it works...

Happy Motoring!... Jim'99

[deliriousga]

We just hit $2.22/gal here and still dropping. :dance:

[deliriousga]

Originally Posted by longislander1

Rove's probably working on it right now.

Is there any other response from the left side of the aisle out there?

There have been no new refineries approved in over 20 years. I know it's convenient to leave out other past administrations to try and create a conspiracy, but the environmental nut cases are the ones who have made it impossible to get a refinery approved and I don't believe they support the current administration. Elementary economics shows any company that makes X cents per unit would want to have more units to sell. If their cost is less and they can sell it for less and make the same profit per unit but sell more units, they will (see WalMart for reference).

The gas prices are below where they should be when accounting for inflation over the last 20 years. They were much lower, until we stopped domestic exploration and China and India started exploding in growth. We have a find in the midwest U.S. that would make us 100% energy independent for the next 100+ years, but that last President's mad dash to try and screw up things for the next guy signed a billion last minute executive orders including one making the find completely off limits. Now there's some brilliance.

10 years ago we had legislation to start extracting from Anwar defeated, but of course the "problems" voiced by the opposition were "It will take 10 years to actually get oil out of the ground so how will that help?" and "It will harm the wildlife in the area." The latter has been proven false by the explosion in wildlife around the Alaskan pipeline (same arguement used against that) and it seems to me that it is now 10 years later and the same people are griping about the price of gas.

We also have great finds off our shores in the Gulf of Mexico that are not allowed to be extracted. Oh yeah, that is exept for by Cuba. They can extract all the oil they want off of OUR coast because they are intelligent enough to know if you need it you go get it.

Btw, your higher than average price "close to the refinery" includes the raping of the citizens of NY through the state and local tax system. One of the reasons they're all moving down here and my price is $2.22/gal with no refineries I know of in the state.

I bought regular unleaded yesterday in Chester, IL (home of Popeye) for $2.06/gallon.

[longislander1]

From today's paper:

"WASHINGTON, Sept. 20 — Four government auditors who monitor leases for oil and gas on federal property say the Interior Department suppressed their efforts to recover millions of dollars from companies they said were cheating the government.

"The accusations, many of them in four lawsuits that were unsealed last week by federal judges in Oklahoma, represent a rare rebellion by government investigators against their own agency.

"The auditors contend that they were blocked by their bosses from pursuing more than $30 million in fraudulent underpayments of royalties for oil produced in publicly owned waters in the Gulf of Mexico.

'The agency has lost its sense of mission, which is to protect American taxpayers,' said Bobby L. Maxwell, who was formerly in charge of Gulf of Mexico auditing. 'These are assets that belong to the American public, and they are supposed to be used for things like education, public infrastructure and roadways.'

"The lawsuits have surfaced as Democrats and Republicans alike are questioning the Bush administration’s willingness to challenge the oil and gas industry."

Please focus on the last sentence. I rest my case.

[Perfectlap]

doesn't matter if you are Republican or Democrat you are still being screwed by the Oil and Gas Industry who have the politicians in their back pocket.
You can close your eyes to it and say its a free capitalist society and there are no corrupt practices going on whatsoever in this industry, if you believe that there's a bridge here that just went on sale.
Doesn't matter if we explore and find more oil we'll just come up with new ways to consume at record levels with big stupid SUV and pick up trucks.
This country is out of control with consumption, corruption and indiference.

Meanwhile we owe more than we have ever owed in our entire history as a nationand we ship more of our manufacturing jobs to China then we have ever. These twin deficits have acclerated at an unprecedented level while the country is too busy being either apathetic or partisan.

We've dropped half a trillion on a war to install a democratic government in Iraq that will 99.9% likely be just as anti-american as the previous not-so democratic government(brilliant thanks! any other great ideas??).

each day the financial world see us less capable of handling our finances with more than a four year outlook in mind. Anybody that has had anything to do with our current foreign/fiscal situation, democrat or republican, needs to be sent on a permanent vacation. A bigger collection of clueless clowns have never been assembled in Washington and wait until it all starts to bite our long term fiscal future in the arse. Michael and LaToya Jackson could do a better job of managing our wealth then the morons we elect.

p.s.
I live in Jersey near some major Exxon refineries, the right likes to reference "tree huggers" and "eco extremists" but when you have lived with poor air quality your whole life (very very bad at times) you know its bigger than left vs. right politics, its a daily real world experience that we are in fact destroying our clean air and water. Its no myth.

[Brucelee]

For the conspiracy guys out there.

How much should gasoline cost and how do you know that?

If the oil companies are manipulating this, tell me how they control the spot market for oil prices?

If OPEC can't control oil prices then how can the gas refiners?

If the price of gas follows the price of oil and even the pumping nations can't control these prices, how do the oil companies act as a monopoly.

Bueller, Beuller?

[Brucelee]

The price of gas is falling due to reduced demand. Happens every fall.

The price increases in summer due to increased demand. Happens every summer.

How does the oil company control prices again?

[z12358]

brucelee:
"The price of gas is falling due to reduced demand. Happens every fall.
The price increases in summer due to increased demand. Happens every summer."

Bruce, do I see a hedge fund in the making?
Z.

[Perfectlap]

yes you can bet Bruce wasn't investing in that one!

reality: where ever there are speculators, there is shadyness/collusion/corruption. And where's there is oppourtunity
the oil and gas industry is there to cash in.

our government would have you believe that only OPEC is guilty of collusive behavior. yeah right!
Meanwhile the FTC rubber stamps massive mergers like BP/Amoco that make anti-trust laws like the Clayton Act pointless. The foxes guarding the Hen House?
Yes they are all a bunch of boyscouts who exert no political influence over law makers with the billion$$ in EARNINGS they are raking in barely a year.

Price of unleaded shoots up $2 in less than a year?
Some Comedy:
Katrina Shenanigans

Again, I will ask you the questions you will not answer:

How much SHOULD gas cost and how did you arrive at that answer.

If the US Oil companies have an monopoly, why is there long term ROI lower than other companies without such monopoly.

If the US Oil companies are a monopoly why has no form of state or federal govt EVER found them guilty of anti trust violations.

When the price of oil prices died in the 80s and 90s, did the oil companies have a monopoly then or not? If not, what changed?

If there is a monopoly, why are our gas prices lower than most of the world.

And yes, OPEC is by definition, a cartel. In fact, if they had more of the world's total supply of oil, they could influence price more.

As I pointed out, their proclaimed floor of $64 per barrel was pierced the other day.

So, any facts or just wild accusations?

[longislander1]

My point is that this country has NO energy policy under the current administration, other than to line the pockets of the oil companies. Richard Branson is committing more dollars to alternative fuels than the U.S. government. (And, by the way, alternate energy firms ARE funding ethanol refineries AND getting local government approvals for such facilities. How interesting!)

I'm no fan of any politicians at the moment, but we have to give the Democrats a chance because right now they're all we have. The Republicans have chosen the oil industry over the people they're supposed to represent.

I do believe prices will rise after the election. After this past week, you'll see the oil producers will add to their rationalizations for gouging by throwing Hugo Chavez and Venezuela into the mix.

If any of you are following China's strong and diplomatic quest for energy resources in Latin America (and our apparent rejection or ignorance of this important region), there will come a day when Venezuela (as well as Iran) will find enough buyers for their oil outside the United States. I have no idea what gas should cost now, since I'm not one of the pricing manipulators, but I can tell you we will be wishing for $3.00 a gallon if those two countries are able to take their business elsewhere and the U.S. continues with its total lack of an alternative energy policy.

[Brucelee]

Originally Posted by longislander1

My point is that this country has NO energy policy under the current administration, other than to line the pockets of the oil companies. Richard Branson is committing more dollars to alternative fuels than the U.S. government. (And, by the way, alternate energy firms ARE funding ethanol refineries AND getting local government approvals for such facilities. How interesting!)

I'm no fan of any politicians at the moment, but we have to give the Democrats a chance because right now they're all we have. The Republicans have chosen the oil industry over the people they're supposed to represent.

I do believe prices will rise after the election. After this past week, you'll see the oil producers will add to their rationalizations for gouging by throwing Hugo Chavez and Venezuela into the mix.

If any of you are following China's strong and diplomatic quest for energy resources in Latin America (and our apparent rejection or ignorance of this important region), there will come a day when Venezuela (as well as Iran) will find enough buyers for their oil outside the United States. I have no idea what gas should cost now, since I'm not one of the pricing manipulators, but I can tell you we will be wishing for $3.00 a gallon if those two countries are able to take their business elsewhere and the U.S. continues with its total lack of an alternative energy policy.

Factually speaking, the US Rederal Government has an "energy policy" if one looks at ALL of its practices and regulations. You may or may not LIKE those policies and if you are unhappy, you can try to elect some folks who will enact one you like.

Of course to do that, you need a context. Simply saying that the US Government is in the pocket of the oil industry doesn't make it so. Again, no data, simply assertions that, since the policy is not what I like, it MUST be because all these guys are crooks, but I am pure.

Again, factually, if there were going on for as long as it has been implied, where is your proof? Where are the convictions>

Where is the ROI data that shows how well these companies are doing with their capital IN THE LONG RUN!

All commodity prices fluctuate greatly with supply and demand. You have not offered up one shread of credible evidence that the oil industry is engaged in any illegal actions, nor that oil prices are being manipulated.

No surprise, Congress, the FTC, Justice and the state AGs can't either.

Might be because it is not happening.

If it IS happening, it is happening ALL OVER THE WORLD! Are there NO law enforcement agencies anywhere in the world that can find these guys out?

And STILL, OPEC cannot keep its prices up.

Simply picking a time when prices go up to yell conspiracy makes you look silly.

I have no doubt that like any commodity, the price of oil will rise and fall depending on how folks perceive current and future supply and demand issues. The fact that nations are posturing to ensure that their energy needs are met is simply a fact of life.

So what, what is your alternative.

Would you like to nationalize all US oil companies.

In absence of any legal basis to do this or any evidence of illegal activity, what would you expect to be better? Are you suggesting that the US government can provide energy for us more effectively.

I am still laughing at that one.

What exactly are you suggesting, that the Democraps can do a better job? Where is your evidence for that? Are you suggesting that the Clinton administration did a better job?

Data please on that one!

Making assertions is easy, backing them up with facts is not!

[Perfectlap]

Bruce,
If you are relying on the a politicaly driven system of federal regualtion to reassure/convince you when there is collusion then you've got to reassess your reliance on the integrity of our government.

The very fact that the FTC has NEVER found the oil and gas industry guilty of collusion show their total lack of being consistent to all industries that come before them.
It's no different than any developing country "it's who you know" or whose campaign your are kicking in moolah for elaborate soft money contribution schemes (ask Duke Cunningham). Where is the campaign finance reform that we were promised over a decade ago? Same place the fines for outright price manipulation by the oil and gas industry ended up, non-existent lala land. It goes against human nature to leave money on the table when a clever bending of the rules will allow you to go home with your pockets that much heavier.
If there are no convictions does this mean their is no price fixing/manipulation?

It defies logic to believe that the oil and gas industry will ever be held accountable for their practices with the current political system. They contribute to politicians who make regulatory and judicial appointments and there's no quid pro quo? c'mon.

Take Immigration. Bush accepts $$$$$$ from huge corporations that rely heavily on the 10+ million undocumented workers and in 2005 his INS Commissioner rubber stamps the penalizing of less than 500 violations of employer violations for the entire year? Post 9/11? Are you kidding me??? The lack of convictions must mean that their is less employing of undocumented workers?

The EPA fined fewer polluters last year than at any point since Nixon built the agency? The lack of convictions must mean their is less polluting going on then ever before? Hmmm..

This is what they want you to believe, if there are no convictions that means there is no wrong doing. By the way that Bridge nearby in Brooklyn is still for sale.

As for what SHOULD gas cost, well no one will ever know that because we have no way of knowing to what extent costs are padded at every step of the Oil exploration to unleaded gas futures dog and pony show. Their return of Investments may look as shaky as the airline industry, But believe me, if you look at the executive compensation and the EARNINGS of this sector in the last year alone somebody is making a hell of allot of money. The industry says Katrina will have put a massive dent in our output yet they have to appear before congress to explain if things are sooo bad why are they all looking at bigger pay checks than they have ever cashed in their time on this planet?

Its no different than the major hollywood film studios. Billions are made yet according to them and their accountants at the end of the day they only make just enough to cover their operational costs and drive home weeping in their Enzos.
Its a wonder a movie ever gets made or a gallon of gas ever gets refined.
Those poor guys.

[Brucelee]

Several quick points.

How much money should an oil company make? How much money should YOU make?

How do you know that?

Randy Cunningham is in jail.

Yes, there are folks that commit crimes, known and unkown. '

Some are in government, some are in industry.

Your point is?

Your solution is?

You know there is a problem how?

If you don't know how much something SHOULD cost, how do you know it costs TOO much?

You are operating without foundation here and EVERYTHING in the world economy could be attacked with the same brush you are attacking the oil industry with.

So what?

What is your alternative?

Would you like to nationalize the oil industry?

Lets here your plan to solve the "problem" you can't define?

Is the price $1, $2, or what?

Where is the place where the price is what you want it to be and why?

[Brucelee]

"The EPA fined fewer polluters last year than at any point since Nixon built the agency? The lack of convictions must mean their is less polluting going on then ever before? Hmmm.."

Well, actually that is possible. You have data but no proof.

After 40 years of Environmental legal action, I can certainly believe that companies have figured out that it is pretty stupid to break the law. Expensive too!

Why can't you believe that?

Are you a big fan of M. Moore movies? I bet you are!

[Perfectlap]

Actually I think Michael Moore is an idiot. Not so much because of his movies but because he thinks along the lines of "us vs. them", He's as partisan as that other idiot Ann Coulter. This country has MASSIVE problems in the short term and SURREAL problems in the long term. Yet people are busy picking out their red or blue hats to wear on the deck of the Titanic. as far as the EPA there's no worry about breaking the law when the bar is set lower and lower each year. And those who do get caught get a mere slap on the wrist when you consider what they are doing to ALL OF US. If we can't even expect adequate federaly funded budgets to fight terrorism in the NYC subway (actually LESS since 9/11) how can you expect adequate funding for a lab looking for water polluters in areas no one goes to?? But rest assure that water makes it way onto the dinner tables of many working stiffs. Hello Washington anybody home????

The Concorde Coaltion have been squaking about the fiscal mess that our current crop of clowns in Washington have made for years yet its made no ZERO, ZILCH impact. There are no solutions that have a shot in hell of getting approved by our current Congress.
Pete Petersen a true fiscal conservative, a very smart dude and life time Republican has given up all hope of our fixing this mess. When smart dudes who know everybody that can help pass a law or enact a change are out of solutions then you have to wonder. I can only hope the current elections will bring about some massive reshuffling and maybe some form of political reform can be brought about to end the corruption and influence peddling that drive up our energy bills, spike our gas prices, and send our jobs to China.

I guess you are of the school of thought that without evidence you are "NOT GUILTY" while I beleive that the lack of 'proof' (there's plenty to find, depens who is looking) does not mean "INNOCENT".

The oil and gas industry is no more evil than the Tobbacco industry, Pharmaceutical industry, Health Care Industry, Walmart, and other very profitable industries that provide jobs but chip away and degrade the future of this country when a long term outlook is employed. This country has allowed companies to be as profitable as they can be for hundreds of years but in this latest chapter we are allowing to seek profitability at the cost of our nation's future like never before. A trillion dollar deficit, A massive chunk of our GDP to pay for healthcare, Our manufacturing base in tatters and the influence of those who lead these industries have done nothing wrong???????

A stronger argument for divided goverment has never been more glarinlgy evident. Collobaration is needed, one party in charge of everything makes it open season on the country.

and what should a gallon of gas cost? Every industry operates with different levels of profitability, they take whatever they can get and leave nothing behind. Some can expect nearly zero while others can expect a heck of allot more. Depending on how much we need their product governs the amount of abuse/gouging/manipulating we are willing to tolerate from those lucky industries. Particularly in an industry that unlike many is driven by speculation that somehow benefits allot of people in many different stages from production to retail.